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Barclays to axe at least 3700 jobs

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LONDON, Feb 12 PA

February 12 2013, 6:51PM

Scandal-hit banking giant Barclays is to axe at least 3700 jobs under a strategic overhaul.

Chief executive Antony Jenkins is shutting the bank's controversial Structured Capital Markets tax advisory division and said 1800 jobs would go in corporate and investment banking and another 1900 across its European retail and business arm as part of a plan to slash costs by STG1.7 billion ($A2.61 billion).

Nearly STG2.5 billion of cash set aside to cover mis-selling compensation claims contributed to a plunge in pre-tax profits to STG246 million in 2012 from STG5.9 billion the previous year.

The bank's bonus pot will mean each employee gets STG13,300 on average, with an average of STG54,100 for investment banking staff, although the pool is lower than the STG2.2 billion paid out last year.